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revenue is needed to bring down the deficit but believes it can be done without another tax hike. speaking to cbs news anchor scott pelley yesterday, the president said the u.s. can reduce its deficit by closing tax loopholes and making what he calls smart budget reductions. >> if you combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. >> well, today the president travels to minneapolis where he'll push for proposals to gun control durs his visit. susan mcginnis is in washington. good morning. >> good morning. this will be the president's first trip outside washington to push his gun proposalproposals. he's pushing for a big rally in support of this. in the meantime the senators are said to be preparing their own legislation very similar to the president's employee posal but conspicuously absent is the assault weapons ban. he takes his pitch for gun safety to minneapolis today. he wants congress to require universal background checks, limit how many bullets
was $3.48. the federal budget deficit expected to show short-term improvement this your according to the congressional budget office, declining to $845 billion from 1 trillion. the annual deficit expected to go as low as 430 billion by 2015 before soaring to almost a trillion dollars by 20203. joining us now to assess all of this is former director of the congressional budget office and president of the american action forum. let me start with, the president today insisting that he have, well, new revenue. just so that the congress would have the privilege of somehow saving him from himself and pushing back the impact of this sequester that his white house offered. does it get any more curious than that? >> it just proves we are in a budget another world. the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve t
really needed was deficit reduction. and this is a period in which we didn't come to a big deficit reduction deal. what we did is raise taxes. it cut the deficit a bit, but not a big deal. what happened to the markets? somehow we kept adding jobs and the stock market did really well. it all worked out reasonably okay. so here is what we learned. cutting government spending hurts economic growth. no doubt about it. that means doing it in a bad economy may not be such a good idea. but increasing taxes a bit, not coming to the big deficit deal. the private sector and even the markets don't seem all that concerned. the last week should cause a lot of people in washington to re-think what they're doing. i am not optimistic that will happen. joining me now, former economic adviser to vice president joe biden, jared bernstein, a man who is always re-thinking what he is doing, how are you? >> i'm fine, ezra. >> and what else did you see in the reports? you got a good eye, what caught yours? >> one thing i saw was the revisions to last year's employment growth was such that i thought we wer
want to call them. we still have a deficit over $1 trillion, they said they would run on this like fdr, and andrew jackson, what times are bad, run against rich and bankers, if i was the republicans i would go on the offense say, last we're we brought in 1.2 trillion in income taxes, we still have deficits we could double income tax rates on every american and still run a deficit we have to do something with spending. >> i agree, but the question is how do you go on the defense? you don't go on offensive by immediately saying no, president has successfully painted them in a corner, no-sayres, that is all they say, you say yes, we' reform in september 2011, you came out with a report of your own how to revamp our text system, called plan for economic growth and deficit reduction, if that -- in that report, principles for tax reform, number one issue is lower tax rates, this is president talking not republicans, the tax system should be simp flied and work for all americans and fewer bracket, so say, yes, we're with you mr. president, not simpson-bowles but your own words, we want tax si
there is a better way to reduce the deficit. he's calling for cuts and reforms that will put us on the path to balancing the budget within ten years. you can see it live. we're keeping an eye on the white house. we'll bring you the president's remarks as soon as he gets to the podium. >>> we are tracking a developing story on new details from the justice department that seem to lay out its case for killing u.s. citizens if they're determined to be a terror risk. the memo first reported by nbc addresses issues raised after recent drone strikes including the one that killed american born al-qaeda leader, but now a bi-partisan group of senators says it wants to know why they were never briefed on what is apparently new presidential authority. chief intelligence correspondent kathryn her image is live with more. >> reporter: this letter signed by eight democrats and three republicans urges mr. obama to produce a highly classified memo that authorized the targeted killing program so that, quote, congress and the public can decide whether the president's power to deliberately kill american citize
. thanks for coming on. we appreciate it. more startling news out of the cbo report, cutting the deficit will grow the economy. they quantified that, it will really happen. look a chart showing three different scenarios that could happen. if we add to the deficit we'll see a bump in gross national product in the short-term but the economy could take a major hit in the long run. if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and
's transparent and that we're reducing our deficit in a way that doesn't hamper growth. >> reporter: the response from house speaker john boehner's office? the president got his revenue, now it's finally time to make the reforms necessary to save our entitlement programs. any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create or more jobs. automatic spending cuts hit the federal budget march 1st. less than four weeks later, a large portion of federal spending authority expires. if democrats and republicans fail to resolve these tax and spending differences, the government is headed for those across the board spending cuts and a government shutdown. back to you. connell: rich, thank you very much. rich edson in d.c. dagen: let's bring in david stockman, former economic adviser to president ronald reagan. there's no urgency though. if we don't do something about our annual budget deficits and our longer term debt that we're accumulating, is it just going to be kind of a slow drip like where we bleed to death as a nation, where we don't re
people like laura tyson writing columns calling for the need for a plan for faster growth, not deficit reduction. what is the president -- i know you've talked about how all the president's plans envision job creation, but what does the president tell his advisors when he sees these signs of a sluggish recovery? what is he asking in the way of things to speed recovery, create jobs and stimulate growth? >> i'll go to the narrow question first. every time the president meets with his economic advisors to discuss policy proposals and refinements to existing policies, the focus is on job creation and economic growth. and that includes when we have discussions about deficit reduction. as i've said many times and as the president has made clear, deficit reduction is not a goal unto itself. it is a means to, if done right , the desired goal, which is greater growth and greater job creation. as part of an overall economic policy. i would note that today's jobs figures and the revisions that we saw in previous months' jobs figures mean that over 35 months we have created 6.1 million private sec
uncertainty. >> the deficit is still too high. >> gridlock over how to fix it. if it weren't for politicians in washington, 2013 could be a boom year. take a step back. your home, your investments, your job. the three ways most people build wealth are all set to take off. home prices rose 5.5% in november, biggest jump in six years, stocks are at five-year highs, near records. the dow is up 800 points in just four weeks. jobs are coming back. things are looking bright in 2013, but to capitalize, you'll have to get ready. and get smart. because smart is the new rich. company profits are up, home prices are up, markets are way up. sandy, why is this market up? i mean, end of last week, i see gdp actually shrank in the end of 2012 but markets are near records. why? >> i think three different things are going on. we are seeing signs of strength in the economy, notwithstanding the weak gdp figures. there was a lot of temporary stuff going on there. if you look at computer spending, housing in particular, you're seeing signs of strength. secondly, interest rates are extremely low and the fed has s
have worked together to reduce our deficit by $2.5 trillion. that is a good start, but to get the rest of the way, we need a balanced set of reforms. for example, we need to lower the cost of health care like programs like medicare. we cannot pass the burden. these reforms must go hand-in- hand with eliminating excess spending in our tax code so that the wealthiest cannot take advantage of loopholes and reductions that are not available to most americans. 2012 can be a year of solid growth and more jobs and higher wages. -- 2013 can be a year of solid growth and more jobs and higher wages. everyone in washington needs to focus on what is right for the country, on what is right for you and your families. that is how we will get our economy moving faster. it will strengthen our middle class. we will build a country that rewards the effort and determination of every single american. thank you. have a great weekend. >> hello. my name is susan brooks. it is a pleasure to speak to you from my home state on indiana. my husband and i have raised two children here. i've been a us attorney for t
with some of my republican friends is that we'rewe all want to fix the deficit problem. there is no question. but i think, when they have a chance to look at this bill and understand what we're really facing, i don't think we will have a problem. >> how is this different from the proposal from a year ago? >> did we have a pay freeze a year ago? [laughter] >> it is different. the house had the attrition of the workforce that is in this component. we had a combination -- instead of every three positions that came open. we had two. and a combination of overall across the federal government over a year. this is different here it combines both so we're on the same page. and we have the house proposal on nutrition and we added congressional pay freeze on it. >> what makes you think this time around that the senate majority leader will take up this proposal? >> i would certainly defer to the chairman, but there is a real urgency here. one of the reasons that the president and the administration, during this campaign, didn't want the actual warrant act, the law that requires to notify workers that t
and the impact for next year's budget. we'll probably get a draft version of what kind of deficit we're looking for next year? are you able to share any of that right now with the trends that we're seeing? >> through the chair to the committee, monique smuda from the controller's office. yes, we will have a report completed either by the end of this week or early next week on the six-month budget status, that will project both the revenue and the expenses. it's important to note that with the year-end close of fiscal year 12-13 there was increased revenue that was realized. and that increased revenue continues in the base budget in the current year. so the report will show excess revenue over the budgeted amount. however, as kate howard -- in the calculation that the mayor's office has developed for the deficit, that additional revenue was taken into account. so that is one of of the reasons that the targets for only 1.5%. we are also looking on the expenditure side. we have a few departments that have some savings. we have some departments that are over expending and the report will go in
coming into the u.s. and more made in america products shipped overseas, the u.s. trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was
tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that
that we need higher fuel tax, and we can use that either to reduce the deficit or to pay for something else. it was designed -- or intended -- whether it has done so successfully or not, it was done to pay for infrastructure. >> absolutely. we are not real happy about that. >> john, what are you hoping for next week? >> for some reason, i have not been consulted on that. the president in the campaign said he was 4 and all of the above energy policy, so let's have some announcements that support that -- he was for an " all of the above" energy policy. let's move forward with the things that you need to do to accomplish that policy. i would say that we would also -- i would like to see stop this discussion about taxing the industry and trying to characterize it as subsidies, which is simply not true, and i would like to see more opportunities in terms of where we can open up areas that are off-limits right now. all those combined can generate an enormous amount of opportunity for the economy right when we need it. >> i will just mention a couple of things. i think lenders have been reall
advising, we can replace the sequester with a smarter strategy that is a more gradual deficit reduction plan. he's going disagree with the republicans on how to do that. he's going to want revenue to be part of it. republicans will say no thank you. >> we'll get the president if a minute and a half. white house gave us a two-minute warning. i would say it's a short-term for the president and the congress not doing what they're supposed to do pass a budget every year. the president set up the sequester, a fiscal negotiations -- >> this is not a natural disaster. >> it's not a natural disaster. >> man-made. >> many ways the president's late submitting his own budget but coming to the podium because though he's part of the mess he thinks he has the upper hand. >> right. i'm having a world is upside down moment. when you talk to house republicans they say to you, you know what? this may be the best budget cuts we can get. let the sequester take effect, even if it cuts the military, the secretary and defense, leon panetta saying that would be shameful. but you have a lot of house republicans
are in for a massive and unsustainable increasing deficit if we don't get a handle on entitlements. good morning. glad to have you with us. gregg: the cbo is saying it deficit will go down to $840 billion. that's the first time it will drop a trillion dollars under president obama. martha: but with baby boomers retiring at the rate of 10,000 people a day. entitlement spending is set to explode. stuart, as we pointed out, there is a lot of enthusiasm that we won't rack up a trillion dollar deficit. >> reporter: the headline was all about the deficit is going to be below a trillion dollars. that's great news. the bad news and there is a lot of it. the next 10 years medicare will cost $1 trillion a year. obama-care subsidies will total nearly a trillion dollars. the cost of medicaid will double and the debt will go to the highest portion of tour economy than it's been in a generation. there is dismal views on the current state of the economy. 1.4% growth this year and the unemployment rate will rise at 8% and stay that way for years to come. martha: the cbo makes very clear we need to do some entitlement
proposals for deficit reduction. the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president also warned congress about the danger of alowing the sequester to go into effect. >> washington cannot continually operate under a cloud of crisis. that freezes up consumers, gets businesses worried. we can't afford the self-inflicted wounds. >> no another tweet david plouffe said message delivered to big audience on balanced budget, deficit reduction, economy growth. on abc, an unlikely name was invoked for direction. >> i think what we need to do is do some things mitt romney taungd abo talked about. he said there are tax loopholes that should be closed. there are efforts being
baseline to 25% of gtp. this the in the new normal no interest in bringing down the deficit or the debt. >> we just did this whole fiscal cliff thing at the end of the year. we thought hey had a deal where we're going to raise revenues this way and cut spending this way, blah blah blah. listen to what president barack obama said just this past sunday. >> there's no doubt we need additional revenue. coupled with smart spending reductions, in order to bring down our deficit. >> was he crossing his fingers behind his back when he negotiated the fiscal cliff deal? sounds like he is going after more revenue. >> he'll never stop trying to raise taxes. whether or not he can succeed i don't know. he comes out of a far left ideology that believes in class warfare and radical wealth restriction and to feed that you need tax revenue coming from the so-called 1% on whom he raised tax throw it the fiscal cliff deal. he knows the real now is with the mitting class so he is coming for you. so -- >> wait, wait. right there want you to listen to this. this is also what he said. >> can we close some loop
to reduce the deficit but americans do not support less spending cuts for tax hikes. what some aresome of the details of what the president wants? reporter: the president is looking to crop $100 billion from the def site to buy an agreement that cuts a trillion and a half over the next ten years. he says the offer he made in late 2011 is still on the table. republicans say any additional revenue from tax reform should be used to lower everyone's tax rates. the president wants to cut the deficit. he says we can't afford to use it the way republicans want. >> if we are going to close these loopholes, there's no reason we should useoo the savings we obtain and turn around and spend that on new tax breaks for the wealthiest, or for corporations. if we're serious about paying down the deficit, the savings we achieve from tax reform should be used to pay down the deficit. and potentially to make our businesses more competitive. >> president's call comes a day after his two most southeastern defense advisors warned the sequester would make the country less safe, and the president says the dom
the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that federal spending cuts will go into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall. but the cbo's ten-year outlook predicts those improvements will not last. it warns that an aging population will drive up entitlement spending and rising interest rates will put the debt at unsustainable levels. if current laws remain in place, debt by 2023 only ten years from now will equal 77% of gdp. that's roughly double the 39% average seen over the past 40 years. >>> and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. "the new york times" writes this morning that "mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the t
await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of his best comments for you and we have reagan biographer cr
. republicans are winning the battle, wouldn't you say, when it comes to balancing? over two-thirds of deficit reduction has come from cuts to domestic programs, and it's not exactly fair. but now the house progressive caucus has come out with what they call the balancing act. it's a common-sense plan to reduce the deficit by closing tax loopholes and cutting wasteful defense spending. here is the chart of the plan. there is $1.7 trillion in new revenue. the $1.7 trillion in spending cuts is still there. this looks like a much fairer chart than the current system, don't you think? and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as subsidy. the balancing
that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90s, they have to say, what happened after
that will really reduce the deficit. more taxpayers is going to result in the lower deficit than already this year. if we look at the last year we've seen the deficit go down because you've seen a little bit of success in the job market. not enough, but you have seen us reducing that deficit. that's really what the balancing act is all about. i would think that any fair-minded member of congress would want to see us balance and not just ask to solve the deficit crisis by forcing it all on the shoulders of people who defend upon important government programs. >> john: it seems inspiring that you're trying to sneak sanity into the budget debate. i commend you for it. you were there when the president laid out his gun control proposals. >> yes. >> are these campaign-style events the best way for him to drum up support for this issue? >> yes, and the reason why i think so, the american public supports common-sense gun-violence prevention. we support universal background checks closing the gun show loopholes. we support banning high-capacity clips and the american public understands this very clearly.
for a short-term deal to avoid these budget cuts. congress must find $85 billion in deficit reduction somewhere by march 1st. otherwise, pentagon spending would shrink by 7.9%. domestic spending by 5.3% and medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loopholes. republicans want to stick with spending cuts only. a study by george mason university estimated that 448,000 jobs in d.c., maryland and virginia could be affected by automatic indiscriminate budget cuts. business leaders and local congressmen are concerned about the impact on our economy. >> and sequestration will hurt not only the defense side but the non-defense side. my committee funds the f.b.i. there will probably be furloughs at the f.b.i. there will be furloughs potentially at the national cancer institute, at nih. this thing has ramifications for defense and non-defense. >> reporter: the cuts were originally scheduled to kick in january 1st because congress couldn't grow on a broad package to reduce the deficit several times in 2011 and 2012 in excomping for
the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75 year time frame we talk about budgets. the american people need to know t
, the proposals that have been submitted to us will lead to a deficit, college. already in 2012, the budget has a deficit of 16 billion euros. we have to sacrifice and penalize thousands of students. what's the meaning of this? what's the point of this that members states, heads of state are just going to run a deficit? we are not going to go along with his, mr. president. there are rules and we will make sure they are respected, starting with article iii 10 which calls for a balanced budget. do i really have to remind you that this deficit system led to member states to the situation which we find ourselves today? it's a standing that member states are opposing something on the one hand, they are asking to strengthen our economic governance with a sixpack and with a sixpack and a two pack, and they're asking us to stop running deficits. but they want us to learn these bad habits all over again. we've got 960 billion commitments, and the same amount of payment. any direction of a company will tell you that's economic suicide, and it is too simple, mr. president, and you shouldn't hide behind da
-basse... incorporrted.it showss hat ballimooe willlaacumuuaaee$7455 miilion dollaas in budget deficits ooer the nexx decade... due to a wideningg - and expenditures.if yyuuadd in the city's iifrastruuture peeds nd also itts llabilityy for retiree healtt care 3 shortfall reachee $2-billlon dollars over 0 years.the & report goes on to say that baltimorees city governmenn must enacc major rrffrms to avoiddbankrrptcy. &3 we now altimore hassdelt withhbudget deficits before. - you may remeebee city government closed a $121 million dollar buget gap in p2-10... y enacting somm new taxes... like tte tax on bottled beverages and igher hotel andd arring levves.buu exxerts say those wereeone--- time fiies... and didn't address theelong-ttrm consulttnggfirm that diddthe report... prepared imilar forecasts for mmami... phiildelphia... pittsburgh and d--cthe news is expecteddto be peleased o the public at poday's city council meetinn. 3&pwe'rr hooing toohear from the - mayor at that tiie.aad poosible solutions.as for the more whaatexperts say is to blame in justt30 min.i'm meg
. >> they need to make cost-cutting measures. i mean, they've been running in the deficit for quite a while. >> you know, those folks look like just hard-working knowledgeable americans that care about the country. but they're so wrong. it's not about e-mails and it's not about ecommerce. it's about the republican party destroying the middle class in this country. and i wonder how many of those folks right there who don't rely on the post office, how they're going to feel when their netflix deliveries are delayed. what? they're not here for saturday night family movies? that's right. people definitely take the post office for granted. most everything americans know about the post office is absolutely wrong. they haven't paid attention to the story. and into the mainstream media, here we go. this morning, the "washington post" is telling people that the post office suffered tens of billions of dollars in losses in recent years with the advent of the internet and ecommerce. really? plenty of other media outlets. well, they are taking their information directly from the republican talking poin
and revenue growth? clarification from washington. a grand bargain encompassing a deficit reduction for ten years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat
apiece saying how the trust deficit is hurting the economy. what are you trying to say about that? guest: we usually do not talk about trust deficits. talk about trade, budget deficits, things we can measure. i'm talking about a breakdown of trust in american society, in particular in the institutions that make our economy go. when you look at measures of trust from surveys like a gallup or the pugh institute -- the pew institute, or even newspapers, congress, large corporations, banks, public schools, they have all been going down for many years. for a lot of them, this decline in trust was intensified leading up to and going into the financial crisis. there are a lot of reasons for these things we can talk about. what we were trying to get at in the story that -- is that this matters to the economy, and trust breaks down. there was nobel prize-winning economist who 40 years ago said that every commercial transaction has within it an element of trust. when you trust your counter party, you're more likely to engage in a transaction. when trust begins to fray, and people become suspicious
? >> the budget is the most imminent issue. we do have a structural budget deficit in the city. we need to deal with the short- term balancing of the budget in a way that does not decimate basic city services that people rely on but also to address our long term structural budget deficit. that means implementing budget reforms that will smooth out the budget process so that it is not a boom-bust process. that means reforming our pension and retiree system so that they are stable and do not drain the general fund. that is a big aspect of it. another huge issue is the deferred maintenance on our infrastructure. we have a lot of infrastructure that has been deteriorating because we have not maintained properly. that includes roads, sewer systems, muni. we need to be much more diligent about maintaining our infrastructure. some of the big citywide issues that impact the district include transportation. we had more muni service and some other districts. it is not always reliable. some of the major bus lines in the district are not reliable. we have major projects like the renovation of delores park.
years ago? we started following the same math approach that created our federal deficits at the national level. democrats and republicans alike in this very chamber had voted to cut taxes for millionaires and to increase state spending without paying for either one. the result? $1.7 billion dollar deficit. that is how it works. it is failing to deliver results. underperforming schools, tuition hikes, rising in crime outside of baltimore. in 2007, together we started making that her choices. we cut spending growth, we had a penny to the sales tax to improve our children's education. we made our tax code more progressive and fair. we put concrete acts and to close our. when the national recession hit, wiping jobs and revenue across the country, including here, other states try to find prosperity. they found that this only made things worse. laying off police officers, firefighters, teachers. they are hoping that somehow it would trickle down to the rest of us. in maryland, we made better choices. we made government more efficient and effective. for the first time we started sending public
were shown. finance ministry officials say the december current account deficit was $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9% while imports were up about 0.8% from the previous year. as a result, the ministry said the current account surplus for the whole of 2012 was down for two years in a row. now u.s. stock prices ended lower. the dow jones industrial average lost nearly a third of a percent to end the day at 13,944 on thursday. that's after poor productivity data as well as comments from the ecb president which sent the euro lower. for more and for how stocks are trading here in tokyo, we are going to ramin mellagard at the tokyo stock exchange. we have had two pull-backs. are we headed for another? >> it looks like it. the drop we have seen in trade appears like that. the 2% drop in productivity for the fourth quarter in the u.s. as well as those slightly taken as negative comments from ecb president mario draghi may have more bite. we are definitely seeing that in the opening levels. let's have a look at those. 11,247. less
the deficit instead but it didn't happen. house republicans poind out they passed a bill to replace the sequester with cuts to federal worker pay, food stamps and other programs. democrats say that puts the burden on poor and middle class americans to pay for debt reduction. >> remember the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks for corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they're poll tested gimmicks. >> reporter: the cuts were originally supposed to kick in last month, but a last-minute deal pushed them off for two months. the president is meeting at this hour with labor leaders later this afternoon with business leaders and the subject, norah and charlie, is sure to come up. >> nancy cordes thanks. >>> meantime house majority leader eric cantor will be outlining a new agenda for his party today calling for change. he wants republicans to focus
. the report shows the city will accumulate $745 million in budget deficits over the next 10 years. the projected budget shortfall is $2 billion. the mayor said when you have budget after budget and you know there are problems, we have an obligation to do more than we have done in the past before it is too late. >> police trying to figure out what happened that led to a triple stabbing on tuesday. sarah sampson is live with the latest on the investigation. >> it happened at the intersection of howard and fayette street. it is not clear if the people involved attended the parade. a fight broke out at 1:30 afternoon. one man was stabbed to death, two others were wounded. >> downtown baltimore is one of the safest parts of the city. we work hard at it. we make sure people feel safe. we are going to find out who did this on a day that baltimore was going to celebrate. >> one victim was in critical condition as of last night. police say they have been planning for this parade for the past two weeks. there were a number of plainclothes officers on duty yesterday. sarah sampson, wbal-tv 1
a budget deficit, failing infrastructure as well as health care and pension benefits accounts for $1.30 billion of the potential shortfall. >> if we act now we cabn teens the trajectory. >> the mayor highlights of your key themes for cuts including identifying strategies to align recurring revenues, reducing property and income taxes, addressing infrastructure, and addressing the city's long-term liabilities. the mayor says she will get more specific about what cuts will be made during her state of the city address next week. if you'd like to take a closer look at our report, you can go to our website, wbaltv.com. >> president obama is hoping to get more democrats to support his second term plans. a push that came through annapolis today. he addressed senate democrats at a closed-door retreat. he delivered a preview of next week's state of the union speech in hopes of getting more lawmakers to back his efforts to reform medicare and immigration as well as his budget plans and assault weapons ban. today we learned florida senator marco rubio will deliver the republican response to the
the deficit instead of worried about wall street. this consumer financial bureau, the protection bureau, set up under elizabeth warpen, this focus on regulating banks the reality that we had been raided by wall street, that all of that got turned around so that instead, it somehow became a govpt deficit problem when it was never that. >> and it was that deregulation that caused us to have a problem. and dana, if we go back, because a lot of people forget where we came from and how we were able to overcome some insurmountable odds to get where we are today even though we have a long way to go. if you go back to when president obama came into aufsz office, 2009, on the eve of february 2009 jobs report, which turned out to be the worst in 34 years, the president called for action on the stimulus package. let me show you what the president said. >> the time for talk is over. the time for action is now. because we know that if we do not act, a bad situation will become dramatically worse. and i refuse to let that happen. we can't delay and we can't go back to the same, worn out ideas that let d u
from 31 yards, deficit cut. 10 minutes left, 9ers down 31- 23, kaepernick dangerous with those wheels in from 15 oint. the two-point conversion fails but 49ers within two. less than two minutes, this really the game. 9ers down five, 4th and goal, incomplete. kaepernick trying to find crabtree. take another look, see if you see their little penalty there, jimmy smith on the coverage. yeah, they don't call it. john harbaugh with a pumped fist. jim harbaugh says this was what you should have called. no holding penalty. ravens defeat the 49ers in super bowl xlvii, 34-31 to win their second super bowl, first in 12 years, mvp joe flacco. the harbaughs with the postgame meeting. of course, ray lewis is excited, the 17 year vet goes out with a fairytale script winning the super bowl in his final game. >> it's no greater way as a champ to go out on your last ride with the men that i went out with my teammates and you looked around this stadium and baltimore, baltimore, we brought it home, baby! >> we don't make it easy, but that's the way the city of baltimore is. that's the way we are. [ chee
first, expecting a budget deficit this year of $845 billion. the first year under a trillion dollars in five years. then the budget deficit gets smaller. these are annual numbers, $616 billion all the way down to 476 billion in 2016 and continuing to rides from there under the weight of the increased interest payments, health care costs. more folks going into entitlement programs for a total of 6.9 trillion added to the national debt over the next ten years. get to the economic projections here. cbo expecting real gdp growth, fourth quarter to fourth quarter, 3.4% next year, averaging 3.6%. the unemployment rate expected to be 8% this year. 7.6% next year. the sixth consecutive year at 7.5% unemployment. that's the longest run in 70 years. getting back to the entitlement programs, the cbo director says health care costs eventuallily swamp the federal budget. >> it's possible to keep the policies for the large benefit programs unchanged, but only by raising taxes substantially for a broad segment of the population. >> he says on the flip side, the ben fits are the same, but raise taxe
budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to that, the white house scrambled after the cbo announcement to cobble the press conference together. what did you think? >> one of the things, if ear going to call press conferences, he has to take questions. if he goes to the white house
absolutely no suggestion for how to get on top of welfare, get our deficit down, get our economy moving, or frankly do anything else. >> ed miliband. >> so today we discover he hasn't even got a clue about his own policy that he is introduced here and his answers today remind us what his party and the country are saying about him. the only people are a small group of rich and powerful people. that's what he is come up a policy that is unworkable and unfair. is a prime minister who is weak, incompetent, and totally out of touch. >> totally pathetic rubbish that we get used to every wednesday. and on the issue, on the issue of who listens to do, i have a very clear idea of who he listens to. because we heard in the al as he lecture by le lynn mccluskey. and len mccluskey said this. he says i met ed miliband and he asked me this question that this is the question he asked him. lynn, if you had three wishes, three things you would like us to do, if we got back into power, what would you like them to be? and len mccluskey's answer, trade union, freedom, trade union, freedom, trade union, fre
take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending and domestic programs, including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> they are coming to california because this is where it is. he is not going to lubbock or wherever the places are that make up that state. >> those other places. [ laughter ] >> governor brown takes aim at texas. why he is going toe to toe with the lone star state. >> it's cleanout time. the 49ers report one more time to empty their lockers. coach harbaugh's final thoughts on the season. >> good evening to you, meteorologist paul deanno. we could use some rain around here. we really need snow in the mountains. the snowpack is dropping. we are now down to 83%. there is no rain coming from those clouds right there. but there is some rain in the extended forecast. find out when it will arrive coming up. >> and potent mixer. the reason diet soda and alcohol make for a more dangerous concoction. k-p-i-x 5's len ramirez t
the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to the nation. >> hour house majority will
. president obama is calling on lawmakers to work on a balanced approach to deal with the deficit. >> republicans are unwilling to touch revenue. they say let's deficit spend. democrats deficit spend. that is why the country does not trust washington. >> reporter: congress is still working to pass a budget that satisfies both the house and the senate. the president says, if lawmakers can agree to work together, the country's budget issues can be resolved. >> there is a way for us to solve these budget in a responsible way through a balanced approach that the vast majority of people agree with. if we do that, there is no reason why we can't have really strong growth in 2013. we can't have washington dysfunction getting in the way. >> reporter: on monday morning, the commerce department is expected to release factory orders for december. the measure indicates the health of the u.s. manufacturing sector. analysts expect an increase of 2.3%. in new york, mary ann rafferty, fox news. >>> good morning. it is 4:30 on this monday, february 4th. taking a live look over washington, d.c., a
with details of this. and, linda, we hear about cities reporting deficits and surpluses all the time, but this isn't very good, is it? >>reporter: not good at all this. report is due out today. it shows that baltimore is on the road to financial ruin and if drastic measures are not taken, the city will go bankrupt. the associated press obtained the 10-year financial forecast ahead of its release to the public today. it shows the city will accumulate a $745 million budget deficit over the next decade because of a growing gap in how much the city earns and the amount it spends. that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms it, will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm. mayor rawlings blake is expected to propose financial reforms next week based on the report. linda stow, abc 2 news. >>> president obama will be in annapolis. he's going to talk strategy with u.s. senate democr
about deficits, we are buying in to the right wing mantra somehow deficits are killing the economy. look at great britain and doing with their austerity plans and doesn't add up. i'm much more of the mind to be proactively looking at infrastructure investment like many of the business advisers told president obama should happen. people from commerce, from industry. i get it. that won't happen as long as house republicans are dead set against it. and what we're left with is unfortunately in my view a detente to put the discussion in the frame the republicans want. what about deficits? we have a jobs crisis in this country. not a deficit crisis. to me, the whole conversation has been pushed to the right further than it should be. >> and karen, on a last note, in anticipation of the president's speech, the white house released numbers on the people affected by the cuts. i believe around 600,000, between 600,000 and 800,000 suffering as a result of cuts to food stamps and other program that is people need to survive these days and at least some of the analysis out there, democrats feel that
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
've had enough. they think the spending cuts are the only way to achieve true deficit reduction. back to you. >> all right, melanie. thank you very much. >>> president obama's pick to head the cia. a justice department memo leaked yesterday outlined the justification for killing american citizens without a trial if they are working with al-qaida. learning about a secret u.s. drone base first reported by the new york times. did not object to water boarding al-qaida terrorists though now he opposes that technique. >> fbi is combing over -- investigators have revealed they found two explosive devices on the suspect's property. one was in the ventilation pipe authorities were using to communicate with that man. the other was inside the bunker. dykes was killed by swat agents as they engaged in a fire fight as they stormed the bunker and rescued the boy. >> the murder case heads back to court in dc. a judge will hold a hearing to decide if the media should have documents related to secret hearings. the meetings allegedly focused on an issue with trial witness. convicted of killing levy bac
? the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a gallon. the underlying price of oil right now we're down, $95 per barrel. while gas prices are
street journal," chief economic correspondent. welcome. you wrote a piece saying how the trust deficit is hurting the economy. what we're trying to do? >> guest: we usually talk about things but budget deficits and trade deficits with things we can measure. what i'm talking about is the breakdown of trust in american society. it would take her in institutions that make our economy go. when you look at measures of trust from surveys by gallup for the pew institute that americans have, it's a very important institution including the media newspaper, television, congress, banks, large corporations, public school, public union. if all been going down for many years and allowed them, declining interest intensified leading up to and going into the financial crisis and there's a lot of reasons for the things we can talk about. but what were chained to get out of the story is this matters economy but trust breaks down. a nobel prize-winning economist named kenneth arrow for 40 years ago set every commercial transaction hasn't been a bad element of trust when you trust your counterparty come ne
to reduce our deficit, what kind of tax plans we're going to have, how we are going to make sure that every child is getting a great education, the doctor, it is very encouraging to me that you turned out so well by your mom not letting you watch tv. i'm going to tell my daughters that. [laughter] in the midst of all these debates, we must keep that same humility that dr. king and lincoln them washington and all our great leaders understood is at the core of true leadership. in a democracy is as big and as diverse as ours, we will encounter every opinion. and our task as citizens, whether we are leaders in government or business, or spreading the word, to spend our days with open hearts and open minds, to seek out the truth that exists in an opposing view, and to find the common ground that allows for us as a nation, as a people, to take real and meaningful action. and we have to do that humbly, for no one can know the full and encompassing mind of god. and we have to do it everyday, not just at the prayer breakfast. i have to say, this is now our fifth prayer breakfast, and it is always ju
with a record debt and deficit, threat of global warming, threat of global poverty, of pandemics, of national security challenges like continuing war on terrorism, the instability of iran and north korea, rising powers, turmoil across the middle east, turmoil in north africa, the proliferation of weapons of mass destruction and the growing threat of cyberattacks. how we confront these problems, how we deal with these challenges will in many ways determine that future course of america. it will determine whether the united states will be a leader in the 21st century or whether we will be just another failed empire in history. to succeed we will depend on the resilience of our economy, the strength of our diplomatic and military institutions and above all, the effectiveness of our political system that underpins in many ways what we do as a country. and that brings me to what i see as perhaps the most urgent task facing this nation and facing all of us and that is overcoming the partisan dysfunction in congress that poses a threat to our quality of life, to our national security, to our economy
instead of really dealing with the banks and dealing with the regional deficit overhang, he just created a circle of loop of help. so the government has been giving money to the regions, the banks to the regions and the government to the banks. but there's no real solution. the problems we main in spain. >> well, this is interesting. so, actually, michael brown was just talking about europe being somewhat of a closed economy. what you're talking about here in spain is this closed loop between the money that is getting in and borrowing. explain a little bit about this crazy looking chart here, flow chart, we should say, and this point that what happens in spain is staying in spain. >> this is a simplified chart of what has been going on. all the rectangular things are off balance. fade is the fund for utility financing. they're funded by the government. rajoy on the 31st of december increased the limit of these funds. frob and the bad bank are funding the banking system, the weak banks, including bankia. and the ffpp is a fund where banks have lent 30 billion to the region. on top of this
to reduce a deficit, he said the answer will require sacrifice from everyone. >> well, i don't think the issue right now is raising rates. the question is if we're going to be serious about reducing our deficit, can we combine some smart spending cuts, because there is still some waste in government. can we reform our health care programs in particular, because we spend a lot more on health care than every other country does, and we don't get better outcomes. so there is a lot of waste in the system. and there are things that we can do to reduce health care costs. and can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and can take advantage of, so they end up paying lower rate that's an bus driver or a cop. can we close some of those loop holes? if we combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and things that will help us grow. >> meantime, the president leaves washington tomorrow for minnesota to make his case for new gun restriction
, there are good points. for instance, deficits are decreasing. however, all i ever hear from republicans is the president needs to get serious. from speaker john boehner. that's the best impersonation i can give you. >> it's not bad. >> wasn't very good, nothing personal. >> but dana, is that it? >> well, that was a little raspy, your john boehner. but i think you've captured the sentiment, more or less correctly. and yes, the cbo report shows that the deficit is shrinking. but it is also showing the efforts to shrink the deficit have taken away from growth and the economy. you can't have one of these things without the other. now, i think there's a fallacy in the first question you posed to jared. that is that republicans would be very upset if there were a double-dip recession in a political sense as rush limbaugh and others have stated, they may be in a stronger position if the economy goes back into recession. then the president and his majority party will be less powerful. so they actually have a political incentive. >> hang on a second, dana. you're saying something that's troublin
and force the president to come up with a deficit reduction plan of his own. carl cameron is here with more. >> reporter: republicans today made a pair of pretty significant statements. first, the house g.o.p. majority passed a measure calling on the president to submit two to congress by april 1st a budget that balances in ten years. g.o.p. is increasingly frustrated by the i insistence that the solution to deficit spending is more taxation. >>> president doesn't believe we have a spending problem. he genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. >> washington has to deal with its spending problem. i watched them kick the can down 22 years down the road. its time to act. >> had he tahoe roundly dismiss the suggestion to postpone tens of billions of dollars of automatic spending cuts in defense and other departments on march 1st. defense secretary renewed pretty dire warnings today. listen.... >> my greatest concern today is that we are putting our national security at risk by lurching from budge
but isn't a lot of agreement to achieve $1.2 billion of deficit reduction over ten years. >> i believe they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging affects for a few more months until congress finds a way. >> there's no greater moral imperative than to reduce the mountain of debt that's facing us, our children and theirs. and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing this country. >> you really get a sense of the different of opinion now is the time to deal with the deficit problem or whether deficit spending should continue. those cuts are already having an impact. a report last week showed the growth in the 4th quarter shrank because of uncertainty of what is going to happen with sequestration. that's the latest here. i'm melanie alnwick. >> thank you much. >>> in other news this morning, dc mayor vincent gray highlighted the city's successes during third annual state of district address. he mentioned a 3% drop in unemploy
, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts. the sequestration cuts are unpopular with both parties and there are concerns about the economic impact. >> our economy right now is headed in the right direction and it will stay that way as long as there aren't any more self-inflicted wounds coming out of washington. >> the sooner we solve our spending problem, the sooner our jobs problem will go away as well. >> reporter: you may remember these cuts were originally scheduled to kick in on january 1st because congress could not agree on a broader package for deficit reduction back in 2011 and 2012 in exchange for republicans agreeing to raise the d
office says, forecasting a $845 billion budget deficit this year alone. though the first of less than a trillion dollars in five years. annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on the other side elmendorf says you can keep benefits the same but you've got to raise taxes substantially. let's go to the economic forecast here. cbo expects unemployment to average 8% this year and 7.6% next year, marking six straight years above 7.5%. that is the first time that happened in 70 years. as for growth, cbo expect as sluggish economy this year and growth to pick up next year. back to you. david: rich, all of these forecasts are subject to change. i haven't se
the economy is in a recession or if it it's sagging, then you need deficit spending to get it moving. republicans used to agree with that. even in 2007 and 2008, they were proposing different stimulus measures. they no longer agree with the idea that they get the economy moving in a rough time. so maybe you have to actually have some spending cuts go into effect and see the effect on the economy for them to recognize the fact that oh, yes, if we take this money out of the economy, the economy will go down. that's what happened last quarter. if you hit the pentagon and if you hit domestic spending there's no question that the economy will retreat. so maybe they actually have to see that happen and then there will be some type of political reckoning and a turnaround and we can talk rationally about how to get this economy going again and create jobs. >> of course the president insisted -- and he talked about this yesterday -- he thinks we have to stop lurching from crisis to crisis. >> we continue to have these self-inflicted crisis here in washington that suddenly leads everybody to t
to continue pushing the government to cut the fiscal deficit by reviewing social security spending. the budget is a lingering concern for lawmakers. they must come up with measures to resolve the issues of spending cutby ely mch. here in japan the jobless rate in december has gotten worse. the number of jobs on offer for people seeking work has seen the first increase in five months. the latest data from the internal affairs ministry shows unemployment for december was 4.2%. that's up .1 of a point from december. the number of people without a job increased by 70,000 to 27.8 million. those with a job fell 350,000 to 62.6 million. as for thehole of 2012 the job situation improved. the average unemployment rate last year stood at 4.3%. that's down .3 of a point from the previous year. the labor ministry announced that the ratio of job vacancies to seekers improved slightly in december. it says 82 position were available for every 100 job seekers. the weak yen and rising share prices are behind an increasingly attractive japane equity market. they have seen earnings swing back into black. japan's
's a good idea. but my whole philosophy is i don't think the deficit is our top issue. i think if you're really concerned about the deficit we should have gone over the fiscal cliff and cut the deficit that way. but if you aren't concerned about the deficit, if you think job growth is the most important thing and growth in general, then i don't think you should either cut taxes -- i don't think you should raise taxes or cut spending right now. i think you should focus just on stimulus. >> what they should do is slash across the board all these goofy departments, just really rip into them. and along with that pro-growth tax reform. especially pro-growth business tax reform. and then you'll have the kind of growth that keith is talking about that would actually solve the financial position. >> keith wants growth in general. i don't want growth in general. i want private sector growth. i don't want a bunch of phony government spending that's going to proup gdp numbers. i want private sector growth. if the president wants to make a deal where we get rid of some of these short-term spendin
the gross receipts is not bringing in as much money we are operating as a deficit but it the gross receipts is coming in a herself we might phase in in a shorter amount of time. thank you. and the schedules are broken out into four tiers there's a zero to one million and it's exempt and 2 had the to million and above. so businesses will be taxed at the progressive tier so if you're a business that has $3 million in revenue your first million is not taxes your million to 2.5 million is talked at the 2 to 2.5 million taxable followup u amount eaten the last $500,000 will be taxed. so here's an example i mean chris has provided a good example so one million will be taxed? one million taxed the 1 tier rate did i misquote that i miss stoke so once you reach over one million that first million is taxable. so correction. and then as i noted there's a small business under one million gross receipts is exemption in the gross receipts. the one is particularly for the business fee will increase in 2014 for all businesses and i think what i'd like for you to do is flip to page 2. where i see the chart
of where we stand and where we're going. the 2013 deficit standing at $845 billion. last year it was $1.1 trillion. so obviously we're going in the right direction. but they do give a grim fast if there is a type of austerity measure that is in place while the economy remains very fragile. >> well, that's right. there are two things we have to work on at the same time. the most important thing is to make sure that we continue to see an economic recovery, that we do what we can to accelerate that recovery, put more people back to work. and the sequester would undercut that effort, because if you take that much money out of the economy very rapidly in this across-the-board way, it will result in lost jobs, which is why we proposed this alternative. now over the longer term, there's no doubt we have to reduce our deficit, but we have to do it in a smart and balanced way as the president has said, and that's why we have proposed a combination of cuts and we've already done $1.5 trillion in cuts as part of the budget control act and other action. we did some revenue as part of the most recen
adding 10 to 15 billion dollars onto debt to keep running up these deficits year after year. something has to change. what's the answer? do we raise -- hold on. do we raise the price of stamps or renegotiate your contracts? >> first off, you talk about the billion that -- the money you just talked about, how much of that is the prepayment which he we are funding prepaid military benefits for all other agencies. we're the only government agency required to do that since 2006. >> all right. >> as mandated by. paea. so without that, how much of that loss would have been actual loss? >> well, i don't know, but i know for the last three or four years there have been multiple billion dollar losses that the postal service has thrown over to the treasury which myself and most of our viewers out here, we're funding the treasury but the postal service is throwing losses onto us. >> the postal service has not taken any taxpayer money. >> absolutely incorrect, ma'am. where is the money coming from? tell me where the money came from. >> the postal service has no record of taking taxpayers' money. w
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